90% above 200-DMA

Before I head to bed, a quick chart from Quantifiable Edges blog on the percent of stocks that have currently surpassed their 200-day moving averages. Yes, picking up from the title, it may have just crossed the 90% line.

From the blog:

Extreme overbought doesn’t necessarily mean a decline is about to begin. In fact the last time these levels were reached in 2004, the market continued to trudge higher for about 2 ½ months before finally beginning a meaningful correction.

On a shorter-term basis, here’s Bespoke showing % of stocks currently above their 50-day MA.

Now why am I not surprised to see Financials, Energy and even Cons Disc as top 3?